Exhibit 10.6 - Lease
Agreement Dated September 20, 2005
OFFICE/WAREHOUSE LEASE
ARTICLE ONE:
DEFINITIONS
Section
1.1. Date of Lease : __ September 20, ______,
2005.
Section
1.2. Commencement Date : The date on which the term of this Lease and
the accrual of Rent begins which shall be September 15, 2005 (the
"Commencement Date").
Section
1.2.1. Landlord : Penn Florida Venture IV, a Florida limited
partnership. Address of Landlord: C/O Penn-Florida Capital, Corp.,
1515 North Federal Highway, Suite 306, Boca Raton, Florida
33432.
Section 1.3.
Landlord's Work . TTenant accepts the Premises in
“AS-IS” condition.
Section 1.4.
Building . The office/warehouse improvements comprising a
part of the Project in which the Premises are located.
Section 1.5.
Tenant : Adsouth, Inc. as a Florida corporation
Mailing Address
of Tenant: 1141 South Rogers Circle, #11
Boca Raton,
Florida 33487
Section 1.6.
Project . The office/warehouse project located at
1141 South Rogers Circle, Boca Raton,
Florida, consisting of 70,927 square feet of rentable
area.
Section 1.7.
Premises : Suites 10, 11 and 12, of the Project which
Landlord and Tenant agree contains 20,394 square feet of rentable
floor area.
Section 1.8.
Lease Term : Commencing on the Commencement Date and ending
on hundred twenty three (123) full calendar months after the
Commencement Date.
Section 1.9.
Lease Year or Year . A twelve (12) full calendar month
period beginning on the Commencement Date and each anniversary of
the Commencement Date thereafter.
Section 1.10. Landlord's Broker : Penn-Florida Realty Corp.
Section 1.11. Tenant's Broker : N/A
Section
1.12. Operating Expenses : All expenses of every kind incurred by
Landlord with respect to the ownership, management, operation,
insuring, improvement, replacement, promotion and maintenance of
the Project including, without limitation, insurance premiums,
waste removal, lighting, drainage, utilities and other services
provided through Landlord or to the common areas of the Project,
any property taxes, assessments, governmental charges and owners'
dues of any kind and nature whatsoever. All such Operating Expenses
shall be recorded on a accrual basis and in accordance with
acceptable principles of sound management and accounting practices
applicable to similar projects.
Section 1.13.
Security Deposit : (This section intentionally left
blank).
Section 1.14.
Base Rent : For the initial Lease Year Base Rent shall be
Two Hundred Thirty-Four Thousand Five Hundred Thirty-One Dollars
and 00/100 ($234,531.00) which amount shall be adjusted as provided
herein for each Lease Year after the initial Lease Year. Payment of
Base Rent shall commence on the first day following the
Commencement Date.
Provided Tenant
faithfully performs all terms and conditions of the Lease during
the term hereof, Tenant’s obligation to pay Base Rent under
this Lease shall be abated in months one(1) through three (3) of
the Lease Term.
If Tenant at
any time breaches any term or covenant required to be performed by
Tenant under this Lease, Landlord may, in addition to all other
rights or remedies it may have, rescind the abatement and receive
all the base rent which Landlord would have otherwise received from
Tenant had there been no period of abatement. Abatement shall apply
to payment of Base Rent and additional Rent only and shall not be
applicable to any other charges, expenses or cost payable by Tenant
under this Lease. Landlord’s failure to rescind the abatement
of rent provided for hereunder as a result of any default by Tenant
shall not be deemed to be a waiver of Landlord’s right to so
rescind on any subsequent default by Tenant.
Section
1.15. Additional Rent: Tenant's Proportionate Share of Operating
Expenses, sales or other taxes, taxes imposed on rents to use the
Premises which Tenant shall pay and any other amounts payable by
Tenant pursuant to the terms of this Lease.
Section
1.16. Initial Rent : The amount of Fifty-Four Thousand Five Hundred
Eighty-Eight Dollars and Sixty-Two Cents ($54,588.62) on account of
the first and second months’ gross rent of the Lease
Term.
Section 1.17.
Discount Rate : The percentage rate which is equal to the
equivalent yield on U.S. Treasury obligations having a maturity as
near as possible to the remaining term of this Lease as reported in
the Wall Street Journal on the date in
question.
Section
1.18. Rent :
Base Rent, and Additional Rent, and all other charges due in
accordance herewith.
Exhibit 10.6 - Lease
Agreement Dated September 20, 2005
Section
1.19. Tenant's Proportionate Share
: Twenty-eight and seventy-five of
one hundredths percent (28.75%) which is the amount that is the
percentage determined by dividing the rentable area of the Premises
by the rentable area of the Project.
Section 1.20.
Calendar Month . The period of time beginning on the first
day of any given calendar month and continuing until the last day
of such month, partial months shall not be considered a full
calendar month.
ARTICLE TWO: LEASE TERM
.
Section
2.1. Lease of Premises For Lease Term
: Landlord leases the Premises to
Tenant and Tenant leases the Premises from Landlord for the Lease
Term. Promptly after the Commencement Date, Landlord and Tenant
shall execute a memorandum in the form attached hereto as Exhibit
"B" acknowledging the Commencement Date and the Lease
Term.
Section
2.2. Delay In Commencement : Landlord shall not be liable to Tenant if
Landlord does not deliver possession of the Premises to Tenant on
the Estimated Commencement Date and such failure to deliver shall
not affect this Lease or the obligations of Tenant under this
Lease. If Landlord does not deliver possession of the Premises to
Tenant within one hundred eighty days (180) days after the
Estimated Commencement Date, Tenant may elect to cancel this Lease
by giving written notice to Landlord within ten (10) days after the
one hundred eighty day (180) day period ends. If Tenant gives such
notice, the Lease shall be canceled and neither Landlord nor Tenant
shall have any further obligations to the other. If Tenant does not
give such notice, Tenant's right to cancel the Lease shall expire
and the Lease Term shall commence upon the delivery of possession
of the Premises to Tenant.
Section
2.3. Early Occupancy : If Tenant occupies the Property prior to the
Commencement Date, Tenant's occupancy of the Property shall be
subject to all of the provisions of this Lease. Early occupancy of
the Property shall not advance the expiration date of this Lease.
Tenant shall pay Base Rent and all other charges specified in this
Lease for the early occupancy period.
Section
2.4. Holding Over : Tenant shall vacate the Premises upon the
expiration or earlier termination of this Lease. Tenant shall
reimburse Landlord for and indemnify Landlord against all damage
incurred by Landlord from any delay by Tenant in vacating the
Premises. If Tenant does not vacate the Premises upon the
expiration or earlier termination of the Lease and Landlord
thereafter accepts rent from Tenant, Tenant's occupancy of the
Premises shall be a tenancy at sufferance, subject to all of the
terms of this Lease, except that the Base Rent then in effect shall
be increased to be the maximum allowed by Florida law.
ARTICLE THREE: BASE
RENT
Section
3.1. Time and Manner of Payment
: Tenant agrees to pay Landlord the
Base Rent, without notice or demand, in equal monthly installments
in advance, on or before the first day of each and every successive
calendar month during the Lease Term. Rent for any period which is
for less than one (1) month shall be a prorated portion of the
monthly installment provided herein based upon a thirty (30) day
month. Said rental shall be paid to Landlord, without deduction or
offset, in lawful money of the United States of America and payable
at Landlord's address or at such other place as Landlord may from
time to time designate in writing.
Section
3.2. Base Rent Adjustment : The Base Rent shall be increased on each
anniversary date of the Commencement Date so that the Base Rent for
the ensuing Lease Year shall be equal to the Base Rent for the
Lease Year then ending multiplied by 105%.
ARTICLE FOUR: OPERATING EXPENSES;
OTHER CHARGES PAYABLE BY TENANT .
Section
4.1. Operating Expenses : Tenant shall pay monthly as Additional Rent
an amount equal to one-twelfth (1/12th) of Tenant's Proportionate
Share of the estimated Operating Expenses. For the period from the
Commencement Date to the date of the first adjustment as provided
below, Tenant shall pay Six Thousand Eighty-Four Dollars and
Twenty-One Cents ($6,084.21) per month as the estimated Tenant's
Proportionate Share of Operating Expenses. Each calendar year on or
before April 1, or as soon thereafter as is reasonably
possible, Landlord shall deliver to Tenant a statement setting
forth Landlord's reasonable estimate of the Operating Expenses for
the then current calendar year and shall furnish to Tenant a
statement (the "Expense Statement") which shall set forth the
actual Operating Expenses for the prior calendar year. Tenant shall
continue to pay monthly installments in the current amount until
Tenant receives notice of a change in payment from Landlord and
thereafter each monthly installment will be increased by a prorata
portion of the amount by which the payments which have been made in
the calendar year are less than the amount due at the increased
installment rate. Landlord agrees to keep true and accurate records
of the Operating Expenses of the Building in accordance with
generally accepted accounting principles. After delivery of the
Expense Statement, there shall be an adjustment between Landlord
and Tenant such that after said adjustment Tenant will have paid
the Additional Rent amount due in accordance with this section.
Payment pursuant to said adjustment to Landlord or Tenant, as the
case may be, shall be made within thirty (30) days from the date of
Tenant's receipt of the Expense Statement. For any period less than
a full calendar month or year, Tenant's Additional Rent under this
section shall be prorata based on actual expenses for that calendar
year or month. In the event that less than ninety-five percent
(95%) of the total square footage in the Project is occupied by
tenants at all times during any calendar year, then Operating
Expenses for such year shall include all additional costs, expenses
and disbursements that Landlord reasonably determines would have
been incurred had ninety-five percent (95%) of the total square
footage in the Project been occupied at all times during such year
by tenants.
Section
4.2. Personal Property Taxes .
(i)
Tenant shall pay all taxes charged
against trade fixtures, furnishings, equipment or any other
personal property belonging to Tenant. Tenant shall exert Tenant's
best efforts to have personal property taxed separately from the
Premises.
Exhibit 10.6 - Lease
Agreement Dated September 20, 2005
(ii)
If any of Tenant's personal
property is taxed with the Premises, Tenant shall pay Landlord the
taxes for the personal property within ten (10) days after Tenant
receives a written statement from Landlord for such personal
property taxes.
Section
4.3. Utilities : Tenant shall pay, directly to the appropriate
supplier, the cost of all natural gas, heat, light, power, sewer
service, telephone, water, refuse disposal and other utilities and
services supplied to the Premises. However, if any services or
utilities are jointly metered with other portions of the Project,
Landlord shall include such costs in Operating Expenses. Landlord
reserves the right to require Tenant to install separate meters for
any utility service supplied through joint meters which
installation cost shall be Tenant's expense.
Section
4.4. Insurance and Indemnity :
(a)
Liability Insurance
. Tenant shall, at Tenant's sole
cost and expense, obtain and keep in force during the term of this
Lease a policy of Combined Single Limit, Bodily Injury and Property
Damage insurance insuring Landlord and Tenant against any liability
arising out of the ownership, use, occupancy or maintenance of the
Premises and all areas appurtenant thereto. Such insurance shall be
provided through a combined single limit policy in an amount not
less than $1,000,000 per occurrence. The policy shall insure
performance by Tenant of the indemnity provision of this Section.
The limits of said insurance shall not, however, limit the
liability of Tenant hereunder. Executed copies of such policies of
insurance or certificates thereof shall be delivered to the
Landlord within thirty (30) days after the Commencement
Date.
(i)
Landlord shall obtain and keep in
force during the term of this Lease a policy or policies of
insurance covering loss or damage to the Project, in the amount of
the full replacement value thereof, as the same may exist from time
to time, but in no event less than the total amount required by
lenders having liens on the Premises, against all perils included
within the classification of fire, extended coverage, vandalism,
malicious mischief, flood (in the event same is required by a
lender having a lien on the Project), and special extended perils
("all risk" as such term is used in the insurance industry). Said
insurance shall provide for a payment of loss thereunder to
Landlord or to the holder of mortgages or deeds of trust on the
Premises. The Tenant shall, in addition, obtain and keep in force
during the term of this Lease a policy of rental value insurance
covering Rent and Operating Expenses for a period of one year, with
loss payable to Landlord. Tenant shall pay the cost of such
insurance directly and provide Landlord proof of such insurance and
payment of the premiums therefor.
(ii)
Tenant shall pay for any increase
in the property insurance obtained by Landlord if said increase is
caused by Tenant's acts, omissions, use or occupancy of the
Premises.
(iii)
The Landlord shall not insure
Tenant's fixtures, equipment or tenant improvements .
(c)
Insurance Policies
. Insurance required hereunder
shall be in companies holding a "General Policyholders Rating" of
not less than "A", or such other rating as may be required by a
lender having a lien on the Project, as set forth in the most
current issue of "Best Insurance Guide." No policy carried by
Tenant shall be cancelable or subject to reduction of coverage or
other modification except after thirty (30) days prior notice to
Landlord. Prior to the expiration of such policies, Tenant shall
furnish Landlord with renewals or "binders" thereof, or Landlord
may order such insurance and charge the cost thereof to Tenant,
which amount shall be payable by Tenant upon demand. Tenant shall
not do or permit to be done anything which shall invalidate the
insurance policies carried by Landlord. If Tenant does or permits
to be done anything which shall increase the cost of the insurance
policies referred to in this Section, then Tenant shall forthwith
upon Landlord's demand reimburse Landlord for any additional
premiums attributable to any act or omission or operation of Tenant
causing such increase in the cost of insurance.
(d)
Waiver of Subrogation
. Tenant and Landlord each hereby
release and relieve the other, and waive their entire right of
recovery against the other for loss or damage arising out of or
incident to the perils insured against under this Section, which
perils occur in, on or about the Premises, whether due to the
negligence of Landlord or Tenant or their agents, employees,
contractors and/or invitees. Tenant and Landlord shall, upon
obtaining the policies of insurance required hereunder, give notice
to the insurance carrier or carriers that the foregoing mutual
waiver of subrogation is contained in this Lease.
(e)
Indemnity . Tenant shall indemnify and hold harmless
Landlord and Landlord's officers, agents, employees, partners,
successors and assigns from and against any and all claims arising
from Tenant's use of the Premises, or from the conduct of Tenant's
business or from any activity, work or things done, permitted or
suffered by Tenant in or about the Premises or elsewhere and shall
further Indemnify and hold harmless Landlord from and against any
and all claims arising from any breach or default in the
performance of any obligation on Tenant's part to be performed
under the terms of this Lease, or arising from any negligence of
the Tenant, or any of Tenant's agents, contractors, or employees,
and from and against all cost, attorney's fees, expenses and
liabilities incurred in the defense of any such claim or any action
or proceeding brought thereon; and in case any action or proceeding
be brought against Landlord by reason of any such claim, Tenant
upon notice from Landlord shall defend the same at Tenant's expense
by counsel satisfactory to Landlord. Tenant, as a material part of
the consideration to Landlord, hereby assumes all risk of damages
to property or injury to persons, in, upon or about the Premises
arising from any cause and Tenant hereby waives all claims in
respect thereof against Landlord.
Section
4.5. Late Charges : Tenant's failure to pay rent promptly may
cause Landlord to incur unanticipated costs. The exact amount of
such costs are impractical or extremely difficult to ascertain.
Such costs may include, but are not limited to, processing and
accounting charges and late charges which may be imposed on
Landlord by any ground lease, mortgage or trust deed encumbering
the Premises. Therefore, if Landlord does not receive any rent
payment within ten (10) days after it becomes due, Tenant shall pay
Landlord a late charge equal to ten percent (10%) of the overdue
amount. The parties agree that such late charge represents a fair
and reasonable estimate of the costs Landlord will incur by reason
of such late payment.
Exhibit 10.6 - Lease
Agreement Dated September 20, 2005
Section
4.6. Interest on Past Due Obligations
. Any amount owed by Tenant to
Landlord which is not paid when due shall bear interest at a rate
equal to the maximum rate allowable under applicable law (the
"Default Rate") from date that said payment was originally due.
However, said interest shall not be payable on late charges
incurred by Tenant nor on any amounts upon which late charges are
paid by Tenant under this Lease. The payment of interest on such
amounts shall not excuse or cure any default by Tenant under this
Lease.
ARTICLE FIVE: USE OF THE
PROPERTY
Section
5.1. Permitted Uses : Tenant may use the Premises only for general
office/warehouse use and for no other uses whatsoever except those
approved by Landlord in writing.
Section
5.2. Manner of Use : Tenant shall not cause or permit the Premises
to be used in any way which constitutes a violation of any law,
ordinance, or governmental regulation or order, which annoys or
interferes with the rights of tenants of the Project, or which
constitutes a nuisance or waste. Tenant shall obtain and pay for
all permits, including a Certificate of Occupancy, required for
Tenant's occupancy of the Premises and shall promptly take and pay
for all substantial and non-substantial actions necessary to comply
with all applicable statutes, ordinances, rules, regulations,
orders and requirements regulating the use by Tenant of the
Premises, including, without limitation, the Occupational Safety
and Health Act and the Americans with Disabilities Act.
Section
5.3. Uses Prohibited : Tenant shall not do or permit anything to be
done in or about the Premises nor bring or keep anything therein
which is not within the permitted use of the Premises which will in
any way increase the existing rate on or affect any fire or other
insurance upon the Project or any of its contents, or cause a
cancellation of any insurance policy covering the Project or any
part thereof or any of its contents.
Section
5.4. Signs and Auctions : Tenant shall not place any signs on the
Premises without Landlord's prior written consent. Tenant shall not
conduct or permit any auctions or sheriff's sales at the
Premises.
Section
5.5. Landlord's Access : Landlord or its agents may enter the Premises
at all reasonable times to show the Premises to potential buyers,
investors or tenants or other parties, or for any other purpose
Landlord deems necessary. Landlord shall give Tenant prior notice
of such entry, except in the case of an emergency. Landlord shall
at all times have and retain a key with which to unlock all of the
standard entrances and exit doors in, upon and about the Premises,
excluding Tenant's vaults, safes and files, and Landlord shall have
the right to use any and all means which Landlord may deem proper
to open said doors in an emergency, in order to obtain entry to the
Premises without liability to Tenant except for any failure to
exercise due care for Tenant's property and any entry to the
Premises obtained by Landlord by any of said means, or otherwise,
shall not under any circumstances be construed or deemed to be a
forcible or unlawful entry into, or a detainer of, the Premises, or
an eviction of Tenant from the Premises or any portion thereof.
Landlord may place customary "For Sale" or "For Lease" signs on or
about the Premises, but may not place such signs in or in front of
the Premises until one hundred eighty (180) days prior to the end
of the Lease Term or if Tenant vacates the Premises prior to
expiration of the Lease Term.
Section
5.6. Quiet Possession : If Tenant pays the rent and complies with all
other terms of this Lease, Tenant may occupy and enjoy quiet
possession of the Premises for the full Lease Term, subject to the
provisions of this Lease.
Section
5.7. Hazardous Materials : For purposes of this Lease, "Hazardous
Material" means any pollutant or contaminant or hazardous,
dangerous or toxic chemicals, materials, or substances within the
meaning of any applicable federal, state, or local law, regulation,
ordinance, or requirement (including consent decrees and
administrative orders) relating to or imposing liability or
standards of conduct concerning any hazardous, toxic or dangerous
waste substance or material, all as amended or hereafter amended.
Hazardous Material shall also include, without limitation, crude
oil or any fraction thereof, any radioactive material, asbestos in
any form or condition, radon, polychlorinated biphenyls ("PCBs") or
substances or compounds containing PCBs, medical waste and noxious
chemicals used in any construction on the Premises.
Tenant agrees
not to keep in or on the Premises any inflammable, combustible or
explosive substance nor any substance which would create or tend to
create a dangerous or combustible condition (other than cleaning
products and other substances of the sort and in quantities
customarily kept in similar operations provided same are kept and
used in accordance with applicable laws). Tenant agrees not to
cause or allow the presence, storage, use, maintenance or removal
of Hazardous Materials in or about the Premises without Landlord's
prior written consent. If Tenant's business requires use or
possession of Hazardous Materials, Tenant must advise Landlord and
obtain Landlord's written consent before bringing any Hazardous
Materials onto or creating such condition on or within the
Premises. If Tenant uses or maintains Hazardous Materials on or in
the Premises, Tenant agrees to handle, store, transport and dispose
of all Hazardous Materials at Tenant's sole cost and expense in
accordance with all then-existing local, state and federal rules
and laws. Provided it is lawful to do so, Tenant agrees to enter
into a contract(s) with a company certified to handle the Hazardous
Materials for the transport and disposal of all Hazardous Materials
from the Premises. A copy of all such contracts and all renewals
must be provided to Landlord.
Landlord may,
at Landlord's sole option, now or in the future, obtain a report
from an environmental consultant of Landlord's choice as to whether
Tenant has been or is currently using any part of the Premises for
the improper use, handling, storage, transportation or disposal of
Hazardous Materials. If any such report indicates such improper
use, handling, storage, transportation or disposal of Hazardous
Materials, Tenant agrees to immediately reimburse Landlord for the
cost of obtaining the environmental report, and, in addition,
Landlord may require that all violations of the law with respect to
the Hazardous Materials be corrected and/or that Tenant obtains all
necessary environmental permits and approvals. If Tenant fails to
correct any such violation(s) of law and/or fails to obtain such
necessary permits within a reasonable time after demand from
Landlord, then Landlord may declare this Lease in default and/or
may cause the Premises and any surrounding areas to be freed from
the Hazardous Materials at Tenant's sole cost and expense which
Tenant agrees to pay on demand from Landlord as additional
rent.
Exhibit 10.6 - Lease
Agreement Dated September 20, 2005
Tenant hereby
agrees to indemnify, defend, save and keep Landlord, and Landlord's
officers, employees, partners, successors and assigns, harmless
from any and all liabilities, obligations, charges, losses,
damages, penalties, claims, actions and expenses, including without
limitation, engineers' and professional fees, soil tests and
chemical analysis, court costs and legal fees and expenses through
all trial, appellate and administrative levels, imposed on,
incurred by or asserted against Landlord, in any way relating to,
arising out of, or in connection with the use, handling, storage,
transportation or disposal of the Hazardous Materials on the
Premises and/or the Project. The foregoing indemnification shall
survive any assignment or termination of this Lease.
Section
5.8. Common Areas and Parking Facilities
: All automobile parking facilities,
driveways, entrances and exits thereto, and other facilities in the
Project furnished by Landlord, including, but not limited to,
parking facilities, truckway or ways, loading areas, pedestrian
walkways and ramps, landscaped areas, stairways, corridors, and
other areas and improvements provided by Landlord for the general
use, in common, of tenants, their officers, agents, employees,
servants, invitees, licensees, visitors, patrons and customers (the
"Common Areas"), shall be subject to the exclusive control and
management of Landlord subject to the Rules and Regulations set
forth on Exhibit "C" attached hereto (the "Rules"), and Landlord
shall have the right from time to time to modify and enforce the
Rules; to police the same; from time to time to change the area,
level and location and arrangement of the Common Areas, and other
facilities herein above referred to; to restrict parking by and
enforce parking charges (by operation of meters or otherwise) to
tenants, their officers, agents, invitees, employees, servants,
licensees, visitors, patrons and customers; to close all or any
portion of the Common Areas to such extent as Landlord may desire
or as may in the opinion of Landlord's counsel be legally
sufficient to prevent a dedication thereof or the accrual of any
rights to any person or the public therein; to close temporarily
all or any portion of any public areas or Common Areas; to
discourage non-tenant parking; to charge a fee for visitor and/or
customer parking; and to do and perform such other acts in and to
said areas and improvements as, in the sole judgment of Landlord,
Landlord shall determine to be advisable. Tenant, its employees,
customers and invitees shall have the non-exclusive right to use
the Common Areas in common with other tenants for the purposes for
which constructed subject to the Rules. Landlord will operate and
maintain the Common Areas, and other areas referred to above in
such manner as Landlord shall determine from time to time. Without
limiting the scope of such discretion, Landlord shall have the full
right and authority to designate a manager of the Common Areas and
other areas who shall have full authority to make and enforce rules
and regulations regarding the use of the same or to employ all
personnel and to make and enforce all rules and regulations
pertaining to and necessary for the proper operation and
maintenance of the Common Areas and other areas. Reference in this
paragraph to parking facilities shall be construed as giving
Tenant, its employees, invitees and customers hereunder rights
and/or privileges to the use of not more than 2.3 parking spaces
per 1,000 square feet of rentable area in the Premises. Tenant, its
employees, invitees and customers shall not use more than the
number of parking spaces set forth above.
ARTICLE SIX: CONDITION OF
PROPERTY; MAINTENANCE, REPAIRS AND ALTERATIONS .
Section
6.1. Existing Conditions/Landlord's Work
: Subject to the completion of
Landlord's Work, Tenant accepts the Premises in its condition as of
the execution of the Lease, subject to all recorded matters, laws,
ordinances, and governmental regulations and orders. Tenant
acknowledges that neither Landlord nor any agent of Landlord has
made any representation as to the condition of the Premises or the
suitability of the Premises for Tenant's intended use. Landlord
agrees to complete Landlord's Work with diligence, subject to
delays due to causes beyond its reasonable control. The Premises
shall be deemed substantially completed and possession delivered
when Landlord has substantially completed the Landlord's Work,
subject only to the completion of items on Landlord's punch list.
The taking of possession of the Premises by Tenant shall be deemed
conclusively to establish that the Landlord's Work and the Premises
have been completed and are in good and satisfactory condition as
of the date possession is so taken except for items on Landlord's
punchlist which may be completed at a later date. In the event of
any dispute as to when and whether the work performed or required
to be performed by Landlord has been substantially completed, the
certificate of occupancy or equivalent document issued by the local
governmental authority shall be conclusive evidence of such
completion, effective on the date of issuance of any such
certificate or equivalent document.
Section
6.2. Exemption of Landlord From Liability
: Landlord shall not be liable for
any damage or injury to the person, business (or any loss of income
therefrom), goods wares, merchandise or other property of Tenant,
Tenant's employees, invitees, customers or any other person in or
about the Premises, whether such damage or injury is caused by or
results from: (a) fire, steam, electricity, water, gas or rain; (b)
the breakage, leakage obstruction or other defects of pipes,
sprinklers, wires, appliances, plumbing, air conditioning or
lighting fixtures or any other cause; (c) condition arising in or
about the Premises or upon other portion
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